FAQs

Raleigh's market remains strong due to job growth, particularly in tech and healthcare sectors. While not as frenzied as 2021-2022, it's still a seller's market with inventory below historical averages. Homes typically sell within 30-45 days, and multiple offers are common for well-priced properties.

With rising rental costs in Raleigh (average $1,400-$1,800 for apartments), buying often makes financial sense if you plan to stay 3+ years. Consider your job stability, lifestyle preferences, and long-term financial goals. The Triangle's strong economic fundamentals generally support homeownership as a wealth-building strategy.

Spring (March-May) offers the most inventory but also the most competition. Fall (September-November) can provide better deals with less competition. Winter months may have fewer options but motivated sellers. In Raleigh's climate, you can house hunt year-round without weather being a major factor.

North Carolina Housing Finance Agency offers the NC Home Advantage Mortgage with down payment assistance up to $15,000. The USDA Rural Development program serves some outer Raleigh areas. VA loans are available for veterans, and FHA loans require just 3.5% down with flexible credit requirements.

Beyond your down payment and closing costs, maintain 3-6 months of expenses in emergency savings. New homeowners should also budget $1,000-$3,000 for immediate needs like utilities setup, minor repairs, and basic furnishings.

Conventional loans typically require 620+ credit scores for the best rates. FHA loans accept scores as low as 580 with 3.5% down, or 500 with 10% down. Local credit unions and community banks sometimes offer more flexible programs for borrowers with unique situations.

From application to closing typically takes 30-45 days. The process can be faster with local lenders who understand North Carolina requirements. Factors affecting timeline include loan type, property type, appraisal scheduling, and any issues that arise during underwriting.

Mortgage rates fluctuate daily based on economic conditions. Rates vary by loan type, down payment, credit score, and lender. Local banks and credit unions often offer competitive rates for area residents. It's wise to shop with multiple lenders to compare offers.

Local lenders often provide faster service, better communication, and deeper understanding of North Carolina regulations and local market conditions. They may also offer portfolio loans or special programs not available through national lenders. However, always compare rates and terms from multiple sources.

Many newer Raleigh neighborhoods have Homeowners Associations with fees ranging from $50-$300+ monthly. Review HOA documents carefully for rules about renovations, rentals, pets, and parking. Understand what amenities and services are included, and check the HOA's financial health.

In a growing market like Raleigh, location is crucial for long-term value. Proximity to major employers, good schools, transportation corridors, and amenities typically matters more than specific house features, which can often be modified. Focus on neighborhoods with strong fundamentals and growth potential.

Consider energy efficiency features like proper insulation, efficient HVAC systems, and quality windows for hot, humid summers. Good drainage and grading are important for heavy rainfall. A covered porch or patio extends outdoor living seasons. Basements are less common but crawl spaces should be properly sealed.

New construction is popular in Raleigh's growing suburbs. Benefits include modern features, warranties, and customization options. However, consider construction timelines, change order costs, and whether the builder includes landscaping and window treatments. New homes may also lack mature trees and established neighborhoods.

Look for signs of water damage, foundation issues, outdated electrical systems, old HVAC equipment, and deferred maintenance. In older Raleigh homes, check for knob-and-tube wiring, asbestos, and lead paint. Pay attention to neighborhood conditions and any signs of decline or over-improvement.

Consider location factors like schools, commute access, and neighborhood trends. Look for homes with broad appeal, functional layouts, and the right size for the area. Avoid highly personalized features that might not appeal to future buyers. Research recent sales of similar homes in the neighborhood.

North Carolina uses a unique due diligence system where buyers pay a non-refundable due diligence fee for the right to conduct inspections and finalize financing within a specified timeframe. During this period, you can terminate the contract for any reason and receive your earnest money back, but forfeit the due diligence fee.

Due diligence fees typically range from $500-2,000+ depending on the home's price and market conditions. The due diligence period usually ranges from 7-21 days. In competitive markets, shorter periods with higher fees make offers more attractive to sellers.

Your agent will help you submit your highest and best offer, considering price, terms, closing timeline, and contingencies. Sellers typically choose based on the overall attractiveness of the offer, not just the highest price. Quick closings and fewer contingencies can make lower-priced offers more appealing.

Common findings include HVAC maintenance needs, minor electrical updates, plumbing leaks, drainage issues, and normal wear items like caulking and weatherstripping. In older homes, look for outdated electrical panels, aging roofs, and foundation settling. Termite damage is also a concern in North Carolina.

Yes, you can request repairs, credits, or price reductions for significant issues discovered during inspection. Minor cosmetic items are typically not negotiable. Your agent will help prioritize requests and negotiate with the seller. Some sellers prefer to offer credits rather than complete repairs themselves.

If major issues are discovered, you have several options: negotiate for repairs or credits, request a price reduction, or terminate the contract (if still within the due diligence period). Major issues might include foundation problems, roof replacement needs, or significant electrical/plumbing updates.

Title insurance protects against title defects, liens, or ownership disputes. North Carolina is an attorney closing state, so an attorney will conduct a title search. While not legally required, title insurance is highly recommended and often required by lenders. Owner's title insurance typically costs $500-1,500.

North Carolina requires attorney closings, providing legal protection for both parties. The closing attorney will explain all documents, handle fund transfers, and ensure proper recording of the deed. Bring a certified check for closing costs and your portion of the down payment, plus valid photo ID.

Key documents include the promissory note, deed of trust/mortgage, closing disclosure, deed, and various disclosures and affidavits. Review the closing disclosure at least three days before closing to ensure accuracy. Don't hesitate to ask questions about any document you don't understand.

Standard homeowners insurance covers dwelling, personal property, liability, and additional living expenses. North Carolina is prone to severe weather, so ensure adequate coverage for wind and hail damage. Flood insurance requires a separate policy and may be required in certain areas.

Regular maintenance includes HVAC filter changes, gutter cleaning, caulk inspection, and seasonal preparation. The humid climate requires attention to moisture control and ventilation. Schedule annual HVAC service, test smoke/carbon monoxide detectors regularly, and keep trees trimmed away from the house.

Consider refinancing when interest rates drop significantly below your current rate, when your credit score improves substantially, or when you want to remove PMI after reaching 20% equity. Refinancing typically makes sense if you can lower your rate by at least 0.5-1% and plan to stay in the home long enough to recoup closing costs.

While not required for purchase, North Carolina law requires attorney involvement in closings. Many buyers choose to have their own attorney review contracts and represent their interests throughout the process. This is especially important for complex transactions or if issues arise.

Ask your real estate agent for referrals, but also get recommendations from friends, family, and coworkers who've recently purchased homes. Check online reviews, verify licenses, and interview multiple professionals to find the best fit for your needs and budget.

Real estate commissions are typically paid by the seller and range from 5-6% of the sale price, split between listing and buyer's agents. As a buyer, you typically don't pay your agent's commission directly, but you will pay for inspections, appraisal, and other services you choose to use.